November, 2017

 

Bitcoin loses over a fifth of its value in less than 24 hours

LONDON, Nov 30 ― Bitcoin slid to as low as US$9,000 (RM36,790) in volatile trade today, having lost more than a fifth of its value since hitting an all-time high of US$11,395 yesterday. The cryptocurrency fell as much as 8 per cent yesterday…


Bitcoin loses over a fifth of its value in less than 24 hours (VIDEO)

LONDON, Nov 30 ― Bitcoin slid to as low as US$9,000 (RM36,790) in volatile trade today, having lost more than a fifth of its value since hitting an all-time high of US$11,395 yesterday. The cryptocurrency fell as much as 8 per cent yesterday…


VW brand forecasts record sales of over 6 million models

WOLFSBURG, Nov 30 ― The Volkswagen car brand expects deliveries to hit a record this year and raised its midterm profitability forecast today, citing cost cuts and expanding ranges of higher-margin models. While the emissions scandal of…


Banks face contract repapering rush to retain clients after Brexit

LONDON, Nov 30 ― Banks in London are preparing to move hundreds of thousands of contracts they expect to be rendered invalid by Brexit to continental Europe, in a process known as “repapering”, marking a major step in their adjustment plans….


US stock futures rise as tech stocks make recovery

NEW YORK, Nov 30 ― US stock futures rose today, setting up the market to end the month with gains, as investors looked past brief weakness in the technology sector and focused on developments surrounding a US tax bill and a key Opec meeting….


Tropicana’s third quarter results boosted by higher progress billings

PETALING JAYA: Tropicana Corp Bhd’s net profit for the third quarter ended Sept 30, 2017 rose 2.00% to RM35.49 million from RM34.80 million a year ago due to improved operational profits.

In a filing with Bursa Malaysia, the group said its operational profits rose 56.9% due to cost savings and advanced progress of projects.

Revenue for the quarter rose 29.79% to RM463.47 million from RM357.08 million a year ago, reflecting higher progress billings from advanced stages of construction work for the group’s ongoing projects.

For the nine months ended Sept 30, 2017, net profit rose 45.12% to RM120.86 million from RM83.28 million a year ago, while revenue rose 28.71% to RM1.29 billion from RM1.00 billion a year ago.

The group declared a first interim single-tier dividend of two sen per share.

Moving forward, the group is confident of demonstrating resilience despite the challenging short term prospects for the property development industry.

“This is backed by RM1.9 billion of unbilled sales, which will contribute strongly to the group’s earnings over the next few years. Tropicana plans to further strengthen its brand presence and maximise the shareholders’ value by unlocking the value of its 898.6 acres of land bank with potential gross development value of RM42.8 billion,” it said.

Tropicana’s share price fell 3 sen or 3.23% to close at 90 sen with a total of 3.41 million shares traded.


Auditors qualify opinion on SMTrack’s accounts

PETALING JAYA: External auditors have provided a qualified opinion on SMTrack Bhd’s financial accounts for the year ended July 31, 2017, on the recoverability of IT equipment which was rented out by the company under installation.

In a filing by SMTrack’s board of directors, the company’s External Auditors, Messrs. KC Chia & Noor said in their report that the firm was unable to ascertain the director’s assessment of recovery of the asset valued at about RM1.58 million which was rented out from October 2016.

The IT equipment was rented out for two years in installations, for a project which was terminated in the past financial year but has however been reclassified as rented out in the current financial year.

SMTrack's shares fell 3.23% to close at 15 sen with some 295,000 shares done.


TNB’s Lekir Bulk Terminal to challenge coastal fee and charges demand

PETALING JAYA: Tenaga Nasional Bhd's (TNB) indirect unit Lekir Bulk Terminal Sdn Bhd (LBTSB) has applied for a judicial review of the Perak local government agencies demand for it to pay an unspecified amount of coastal fee and charges or face having its jetty operation license revoked.

The review is against the demands made by Majlis Pengurusan Pesisir Pantai Perak (MPPPP), MPPPP's director, Perak state government, Majlis Mesyuarat Kerajaan Perak Darul Ridzuan and Perbadanan Kemajuan Negeri Perak.

TNB told the stock exchange, the move is in relation to a direction dated Nov 13, 2017 that was issued by MPPPP to LBTSB, which compels it to, among others, to settle an unspecified amount of coastal fee and charges.

Failure to comply with the direction, TNB said will lead LBTSB to having its licence to operate its jetty revoked, which may result in LBTSB having to cease its operations in the said terminal.

LBTSB, through the judicial review, is seeking order from the court to quash MPPPP's decision in claiming for the payment of the fee and charges and a prohibitory and/or injunctive relief against the enforcement of the said decision.

“TNB will provide further updates accordingly as and when there is any material development in the judicial review proceedings,” it said.

TNB's share price closed up six sen to RM15.46, with some 23.4 million shares changing hands.


Motorists pay lower motor insurance premium after liberalisation

KUALA LUMPUR, Nov 30 ― More creative motor insurance products with lower prices are expected to roll out following the liberalisation of the motor tariff which came into effect on July 1, 2017, said General Insurance Association of Malaysia…


Affin Holdings’ Q3 hit by higher overhead expenses

PETALING JAYA: Affin Holdings Bhd’s net profit for the third quarter ended Sept 30, 2017 fell 47.54% to RM73.26 million from RM139.65 million a year ago due to higher overhead expenses and allowance for loan impairment.

In a filing with Bursa Malaysia, the group said its overhead expenses and allowance for loan impairment increased RM232.3 million and RM66 million respectively while share of profits in associate was lower by RM9.8 million.

The group said the increase in other operating income, Islamic banking income and net interest income totalling RM236.5 million and the reduction in allowance for securities impairment of RM17.7 million were not sufficient to cushion the abovementioned increases.

Revenue for the quarter rose 8.38% to RM546.66 million from RM504.40 million a year ago.

For the nine months ended Sept 30, 2017, net profit fell 12.93% to RM341.84 million from RM392.61 million a year ago while revenue rose 16.80% to RM1.64 billion from RM1.41 billion a year ago.

Affin’s commercial banking arm, Affin Bank Bhd (ABB) Group reported a lower pre-tax profit of RM327.2 million during the period, during which it made provision for the voluntary separation scheme of RM48 million and recorded higher allowance for loan impairment.

Its wholly owned subsidiary, Affin Islamic Bank Bhd (AiBB) recorded a lower pre-tax profit of RM87.3 million for the same period. As at September 2017, AiBB’s Islamic Financing portfolio stood at 32%, with the aim to grow to 40% by year 2019.

Affin Hwang Investment Bank Bhd (Affin Hwang IB) Group reported a higher pre-tax profit of RM139.2 million during the period due to improvements in the fee, brokerage and investment income lines.

Its 70% owned subsidiary, Affin Hwang Asset Management Bhd, recorded better pre-tax profit contribution of RM58.4 million with total assets under administration growing to RM43.5 billion as at Sept 30, 2017.

In the insurance segment, AXA AFFIN Life Insurance Bhd registered a pre-tax loss of RM15.6 million while AXA AFFIN General Insurance Bhd (AAGI) registered a lower pre-tax profit of RM92.6 million for the same period.

AFFIN Moneybrokers Sdn Bhd delivered a higher pre-tax profit of RM1.3 million for the period.

As at Sept 30, 2017, Total Capital ratio for ABB and Affin Hwang IB stood at 20.1% and 38.4% respectively.

ABB is targeting a loan growth of 6-7% by end of 2017 and is on track to reduce its impaired loan to a level of 1.6-1.7% by year end. For investment banking, the group expects the investment bank and asset management to benefit from the overall improved market sentiments.

In terms of insurance, AAGI’s strategy is to consolidate its operations by focusing on selective growth (diversification) and efficiency projects.

Affin’s share price fell 2 sen or 0.83% to close at RM2.39 with a total of 266,000 shares traded.